Launch of €28 million economic stimulus package for the border region
While the final outcome of Brexit is still unknown, the focus on innovation, competitiveness and diversification remains a strong business strategy for Irish companies.
To support this strategy the Minister for Business, Enterprise and Innovation, Heather Humphreys TD, announced on January 3rd details of a special €28 million economic stimulus package for the Border region. Given the closely integrated supply chains across this region, the fund is specifically designed to help the counties greatly impacted from Brexit; Donegal, Sligo, Leitrim, Cavan, Monaghan and Louth.
The main aim of the €28m stimulus package is to drive economic activity and make business more resilient and competitive across the region. Details of the package include:
- €3 million for the six Local Enterprise Offices (LEOs) in the border counties for capability development programmes for micro and small firms with ambition
- An €8.5 million Brexit Transformation Fund to enable firms to transform their businesses and diversify markets
- €1.5 million for Industry Fellowships targeted at businesses located in Border counties, administered by Science Foundation Ireland (SFI)
- A €15 million competitive Border Enterprise Development Fund, administered by Enterprise Ireland (EI)
Enterprise Ireland is responsible for the administration of the €15 million Border Enterprise Development Fund and the €8.5 million Brexit Transformation Fund.
Brexit Transformation Fund
The Brexit Transformation Fund is open for applications from February 5th and closes on the 8th April 2020. Companies are encouraged to examine all aspects of their business to enable a ‘transformative’ change to their business as a response to Brexit. More details on the package and process involved are available from your Enterprise Ireland Development Advisor (DA) or through your Enterprise Ireland regional office in Sligo or Dundalk.
Border Enterprise Development Fund
The €15 million competitive Border Enterprise Development Fund is designed to foster collaborative projects that will drive entrepreneurial and innovative capability in the border region. This fund opens for applications on February 5th and closes on March 25th with final review and approval set for May 2020. To learn more about this fund, contact your Enterprise Ireland regional office in Sligo or Dundalk or you can learn more about the the Border Enterprise Development Fund at www.enterprise-ireland.com/BEDF
Additional details on four new funds under the Border Regional Stimulus Package are outlined in this presentation.
The Border Regional Stimulus Package is one element of a range of supports to help implement Brexit plans and transition through the uncertainties of Brexit. Visit our supports page to learn more about the full range of state support around Brexit or email your enquiries to BrexitUnit@enterprise-ireland.com.